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Oregon sues OppenheimerFunds for 529 losses

(April 14, 2009) - The State of Oregon has filed suit against one of its 529 plan managers, OppenheimerFunds Inc., for alleged negligence and breaches of contract and fiduciary duty causing losses to college savers in Oregon 529 plans of at least $36.2 million.

A press release issued by the offices of State Treasurer Ben Westlund and Attorney General John Kroger can be found here. The legal complaint can be found here.

OppenheimerFunds has responded to the suit by stating it was "very disappointed" by the actions of the Attorney General's Office and defending its actions as plan manager. The firm's press release can be found here.